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4/23/09

Capella Resources (KPS.v): The fun never stops with these scam artists


Capella (KPS.v) today announced that it had started drilling at its Nevada property in Chile today, but we don't care much about that. It doesn't matter if they find the lost city of El Dorado with that diamond drillhead, quite frankly, as the company behind the drilling is the thing that matters here and as we've already noted they're the kind of people that would sell their mothers to work as Osama Bin Liden's bottom wiper if the price were right.

No, far more fun is the news from (what Otto considers to be) totally reliable sources that Capella has had the brass neck to apply for one of those fancy International Finance Corporation (IFC) loans. As a quick aside for those who don't know, the IFC is the financing arm of the World Bank and often buys into resource companies, giving them preferential rates on working capital. A recent example is the money loaned to Greystar (GSL.to) for its Angostura gold project in Colombia.

Anyway, the frauds at Capella want some of the IFC slush, probably because their recent placement at $0.73 has fallen flat on its face and they're getting desperate. Still, Otto predicts that hell will freeze over before the IFC lends this band of crooks cash, but if by some miracle they do manage to land some moolah it will speak volumes about just how inept the World Bank is with its money and just how little DD it does before writing out cheques.

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